The Reserve Bank of India stated that it decided to supersede Reliance's Board owing to defaults in meetings payment obligations to its creditors and serious governance concerns.
RBI said in its order that the State Bank of India held excess shares in borrower companies which exceeded thirty per cent of the paid-up share capital of the companies.
The Unity Small Finance Bank started its operations as a small finance bank (SFB) from November 1. It had been issued a licence under Section 22 (1) of the Banking Regulation Act (1949) for operating as an SFB in India.
RBI Governor Shaktikanta Das said thought though the economy is picking up pace, there is a lot of ground left to cover.
The RBI Integrated Ombudsman scheme is based on ‘One-Nation Ombudsman’ with one portal, one email, and one address for the customers to lodge their complaints. Know what this scheme entails and how it can help redress the grievances of bank customers.
The RBI Governor stated that the cryptocurrency market is highly unregulated and therefore acquiring complete information is difficult.
RBI in April had barred Mastercard, American Express and Diners Club from onboarding new customers for failing to comply with data localisation norms.
The apex banker informed that the promoter of the Unity Small Finance Bank Limited, Centrum Financial Services was granted an 'in-principle approval to set up a small finance bank on June 18.
The former RBI chief added that the booming stock market does not reflect the reality that many Indians are in distress.
Shaktikanta Das came at a time when India was reeling from the double whammy of demonetization and the GST regime.
According to an official order, the government has reappointed Das as the governor of the central bank for a period of three years beyond December 10, 2021.
The appointment of Baldev Prakash as MD & CEO by the Board of the Bank and the actual date of his taking charge shall be communicated separately.
A fresh tranche of RBI’s Sovereign Gold Bonds (SGB) Scheme 2021-22 is open till October 29.
Special drawing rights with International Monetary Fund (IMF) fell by $21 million to reach $19.25 billion in the reporting week. India's reserve position with the IMF rose $6 million to reach $5.23 billion.
Additionally, the RBI imposed a penalty of approx Rs 27.8 lakhs on Western Union Financial Services (WUFSI) for non-compliance with provision laid out in the Master Direction on Money Transfer Service Scheme (MTSS Directions) dated February 22, 2017.
With FD rates at an all-time low, inflation and tax outgo will erode your investment. This may hit senior citizens the most.
Domestic demand is gaining strength while aggregate supply conditions are recouping, powered by the robust performance of kharif agricultural production.
"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the apex banker stated.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
He would take his colour, brushes and canvas outside to paint and talk with his love. He would stand close to the window and paint, keeping an eye on his muse.
They say the violin mimics the human sound. In his case, it was that of love, of longing. He didn’t know any other way of loving.
Younger people do not have much progressive beliefs; a 2017 survey found that one-third of young people opposed inter-caste marriage.
The pandemic has made it clear that virtual learning is here to stay. In the West, the big question is whether it will dilute the quality of the college experience and education. In India, which grapples with digital divide, the question remains whether this will reach most people at all.
Even after two years of the Covid-19 pandemic, many 'informed' individuals in India continue to deny the virus with unscientific claims and unfounded data. The latest? Omicron will end the pandemic.
Across Asia there are deeply entrenched obstacles to a mode of higher education that is liberal in multiple senses – disciplinary and epistemological but also social and political.
The two incidents in the recent past, one in Mon district of Nagaland and the other at Lakhimpur Kheri in Uttar Pradesh, undermined the core principles democracy and federalism.